As the worsening economy continues to take a toll on the budgets of many consumers, the need to justify spending on new products and services has increased.

 

To ensure that they are getting the best deal, and that they are confident the purchase is a wise one, more and more consumers are going online and looking to other customer opinions and ratings on items they are considering as well as shopping around for the best price offering.

 

These latest findings are the result of a survey of over 800 consumers nationwide conducted by JupiterResearch and commissioned by Bazaarvoice and richrelevance.

 

The study found that to help consumers make their purchase decisions, they are turning more and more to online ratings, reviews and recommendations for purchases they plan to make both on- and off- line.

 

According to the survey findings, consumers are being especially cautious about their spending and about 48 percent said they will spend less this year - nearly half of all online shoppers.

 

For those that responded they would make some purchases this year (61 percent), the survey found that online resources that offer customer opinions will influence their purchases.

 

Consumers responded that the sectors they are looking to purchase from over the next twelve months include the automotive sector (50 percent), the travel sector (46 percent) and the consumer electronics sector (43 percent).

 

To help them make the right choice, the research notes that retailers should take the opportunity to engage shoppers and help them get the research information they need to be confident about their intended purchase.

 

"Shoppers trust and use the opinions of others in making choices about products and brands," said Brett Hurt, founder and CEO of Bazaarvoice. "As consumers head to the Web to research online and offline purchases, companies have a tremendous opportunity to provide them with the authentic user-generated content that is proven to build confidence, increase satisfaction, and drive sales."

 

Not only are consumers going online to find out the opinions of other consumers who have made prior purchases, but they are also going online to help keep their spending in control.

 

Forty-two percent of respondents said they visited 3 or more sites to research their last purchase.

 

David Selinger, CEO of richrelevance commented that "retailers need to focus on making sure that each person gets the most relevant assortment of products to pique their interest, meet their needs and fit their pocketbook."

 

We know that consumers respond to what other shoppers have bought or browsed, especially when recommendations are tailored to be relevant. Personalized recommendations are emerging as must-have functionality for 2009, driven by the value they deliver to the consumer experience."